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A BILL TO BE ENTITLED
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AN ACT
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relating to the adoption of political shareholder proposals by |
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insurers and insurer holding companies. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle A, Title 6, Insurance Code, is amended |
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by adding Chapter 806 to read as follows: |
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CHAPTER 806. CONSIDERATION OF ENVIRONMENTAL, SOCIAL, OR POLITICAL |
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FACTORS |
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Sec. 806.001. DEFINITIONS. In this chapter: |
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(1) "Holding company" and "insurer" have the meanings |
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assigned by Section 823.002. |
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(2) "Political shareholder proposal" means a |
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shareholder proposal that seeks to directly or indirectly: |
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(A) prohibit or limit an insurer's ability to |
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insure risks related to the exploration, production, utilization, |
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transportation, sale, or manufacturing of fossil fuel-based |
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energy; |
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(B) require or ask an insurer to reduce or track |
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greenhouse gas emissions, including the greenhouse gas emissions of |
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the insurer's insureds or of the entities in which the insurer |
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invests; or |
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(C) prohibit or limit an insurer's ability to |
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insure an entity involved in legal activity for the purpose of |
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achieving environmental, social, or political ends. |
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Sec. 806.002. POLITICAL SHAREHOLDER PROPOSALS PROHIBITED. |
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An insurer or holding company organized under the laws of this state |
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may not: |
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(1) include a political shareholder proposal in a |
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proxy statement; or |
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(2) implement a political shareholder proposal. |
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SECTION 2. This Act takes effect September 1, 2023. |